The journal entry to recognize accrued interest expense would include a debit to the interest expense account and a credit to the accrued interest liability account. The accrued interest is the interest that has been incurred but not yet paid as of the date of the financial statements.
It is the amount of interest that the company owes but has not yet paid.To recognize the accrued interest expense, the company needs to record an adjusting entry at the end of the period. The adjusting entry is made in the general journal and includes a debit to the interest expense account and a credit to the accrued interest liability account. The interest expense account is an income statement account that represents the cost of borrowing money. The accrued interest liability account is a balance sheet account that represents the amount of interest that has been incurred but not yet paid.
The journal entry for recognizing the accrued interest expense is as follows:Debit: Interest expense accountCredit: Accrued interest liability accountThe debit to the interest expense account increases the expense, and the credit to the accrued interest liability account increases the liability. This journal entry is made at the end of the accounting period to recognize the amount of interest that has been incurred but not yet paid.
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You work for the government in the department that is responsible for dealing with Monopoly issues (the Antitrust Division of the Justice Dept.). Please explain the dilemma of regulation. Please be thorough. 1. Using the information you have learned about monopoly and how it is viewed
by government; please the nature of the dilemma, along with the 3 choices and the implications of those choices.
The journal entry to record deferred taxes at the end of year 2 would include a debit to Deferred Tax Liability for $2,000 and a credit to Income Tax Expense for $2,000.
The excess of tax depreciation over book depreciation results in a taxable temporary difference, which will reverse in the future when the book depreciation catches up with tax depreciation.
This will result in higher taxable income in the future and therefore higher income tax expense. The deferred tax liability account is used to record the future tax liability associated with the temporary difference.
In this case, the taxable temporary difference is $15,000 ($5,000 + $10,000), and the deferred tax liability is $6,000 ($15,000 x 40%). Since the deferred tax liability increased by $2,000 ($6,000 - $4,000), a debit to Deferred Tax Liability for $2,000 is required.
The credit to Income Tax Expense represents the increase in future tax liability, which is $2,000.
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Who typically reviews and approves the guidelines for running a corporation, which are also known as
corporate governance policies?
A. The investors
B. The shareholders
C. The management team
D. The board of directors
The board of directors typically reviews and approves the guidelines for running a corporation, also known as corporate governance policies. The board of directors consists of elected individuals who are responsible for establishing and overseeing the general policies and strategic direction of the corporation.
What is the board of directions responsible for?The board of directors is responsible for overseeing the management of a corporation and ensuring that the corporation is being run in a way that is consistent with the guidelines set forth in the corporate governance policies.
These policies are designed to ensure that the corporation is being run in a way that is fair, transparent, and accountable to its stakeholders, including shareholders, employees, and customers.
The board of directors typically reviews and approves these policies to ensure that they are being followed and that the corporation is operating in a way that is consistent with its mission and values.
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Someone please help will mark as brainliest
Answer:
divide by the table and lilly pads
Explanation:
well how long is the table you divide the table from the number of lilly pads and there you go
.If a firm has already paid an expense or is obligated to pay one in the future, regardless of whether a particular project is undertaken, that expense is a
committed cost
complementary cost
obligated cost
sunk cost
The expense you are referring to, which has already been paid or is obligated to be paid in the future regardless of a project's outcome, is called a sunk cost. Option D is answer.
Sunk costs are costs that have already been incurred and cannot be recovered, regardless of the decision made regarding the project. These costs are not relevant to future decision-making because they are irretrievable.
Committed costs, on the other hand, refer to costs that a firm is contractually obligated to pay in the future as a result of a prior commitment or agreement. These costs are typically associated with ongoing contracts or long-term obligations and are relevant to decision-making as they represent future cash outflows.
Complementary costs are costs that are incurred in addition to the main cost. They are necessary expenses that are incurred to support or accompany the primary cost.
Obligated costs are costs that a firm is legally or contractually bound to pay. These costs arise from obligations or commitments, such as contracts, agreements, or legal requirements.
In summary, while the expense you mentioned can be considered an obligated cost, it specifically falls under the category of a sunk cost (option D).
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A manufacturer produces a commodity where the length of the commodity has approximately normal distribution with a mean of 7.3 inches and standard deviation of 1.2 inches. If a sample of 34 items are chosen at random, what is the probability the sample's mean length is greater than 6.9 inches? Round answer to four decimal places. to find answer
The probability that the sample's mean length is greater than 6.9 inches can be calculated using the normal distribution with the given mean and standard deviation.
Since the sample size is relatively large (n = 34), we can use the Central Limit Theorem approximate the sample mean's distribution as normal. The mean of the sample mean will be equal to the population mean (7.3 inches), and the standard deviation of the sample mean will be equal to the population standard deviation divided by the square root of the sample size (1.2 inches / sqrt(34)).
To calculate the probability that the sample's mean length is greater than 6.9 inches, we need to find the area under the normal curve to the right of 6.9 inches. This can be done by standardizing the value using the z-score formula: z = (x - μ) / (σ / sqrt(n)). Plugging in the values, we have z = (6.9 - 7.3) / (1.2 / sqrt(34)).
Once we have the z-score, we can use a standard normal distribution table or a statistical calculator to find the corresponding probability. The probability should be rounded to four decimal places for accuracy.
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what is a primary reason why some small businesses resist the opening of large chain retailers like walmart or home depot
One primary reason why some small businesses resist the opening of large chain retailers like Walmart or Home Depot is their fear of competition.
Small businesses are the backbone of many countries' economies. These small businesses are frequently referred to as the backbone of the economy. They are responsible for the majority of job creation and economic activity. However, with the advent of large chain retailers, small businesses have been greatly threatened, resulting in resistance from some small businesses.
In this context, one primary reason why some small businesses resist the opening of large chain retailers like Walmart or Home Depot is their fear of competition. Small businesses are concerned that these large chain retailers will provide an unfair advantage, allowing them to undercut local pricing and potentially drive small businesses out of operation.
Many small businesses do not have the resources to compete with large corporations. Large corporations have the financial resources to invest in research and development, marketing, and advertising. This investment allows them to gain a competitive advantage over small businesses. The entrance of a large chain retailer like Walmart into a town frequently leads to the closure of small businesses.
Additionally, Walmart's influence extends beyond its direct suppliers to include local suppliers. Small businesses that supply to Walmart frequently experience a decrease in profit margins, which can have a detrimental impact on their business operations.
In addition, Walmart frequently utilizes its market power to force suppliers to lower prices, reducing supplier profit margins even further. These factors result in resistance from small businesses when large chain retailers attempt to enter their communities.
In conclusion, the fear of competition from large corporations is the primary reason why small businesses resist the opening of large chain retailers like Walmart or Home Depot. They are concerned that the chain will be able to undercut their prices and drive them out of operation, leading to the closure of their businesses.
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If you are at a university and someone asks "what's your MAJOR?" this is what they
want to know:
a) the secondary courses you are taking in college just for fun
b) the academic discipline to which you have formally committed so you can earn
an undergraduate degree
c) which credit cards you have maxed out to afford tuition, housing, food and books
d) which political party you will agree to join and promote on your campus
Answer:
the answer is B
Explanation:
to what extent do you think the 'big four' supermarkets should change their strategies and adopt the discounter model?
The major four grocery chains are known as the "Big 4," with Tesco, Sainsbury's, Asda, and Morrisons maintaining their dominance for many years.
What changes should be brought by the big four?Discounters have been expanding their market share, and by 2020 this is predicted to increase. If the big four don't alter their strategy, they risk losing ground. When it comes to net profit margin, the discounter model appears to be more efficient.
The major four Especially if profitability is the primary emphasis of business objectives, you might wish to adopt some components of the method, such as having some discount lines, concentrating on smaller product lines, becoming leaner, and reducing administrative costs.
Depending on how they perceive their own strengths and shortcomings as well as the chances and challenges that lie ahead, they may come to different conclusions.
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which of these is an effect rock and roll had on society in the united states in the 1950s?
Rock 'n' Roll music influenced American society in the 1950s by influencing family lives, teenage behavior, and the civil rights movement. This decade influenced everything we hear on the radio today. Hard rock, which arose in the middle of the decade, took rock 'n' roll elements and made them tougher.
the impact rock and roll has on American SocietyRock & roll was not only a new musical generation; it was music that generated a new generation. Rock & roll had a transformational influence on American culture because it inspired younger people to break out from the more traditional American pattern, as well as expanding the use of technology in everyday life.
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For each expense report, list expense report number, count of expense items, average of approved expense amounts, and average of slack amounts. Compute the slack amount as the expense category limit minus the approved expense amount. Only summarize expense reports with a submitted date in August 2022. Include time specification to capture expense reports submitted on the last day of August 2022. Rename computed columns with meaningful names. Order the result by expense report number. Use the cross product or join operator style.
The result should be ordered by expense report number, and the cross product or join operator style should be used.
The following is the solution to the provided question.
For each expense report, the following should be listed:
Expense report number
Count of expense items
Average of approved expense amounts
Average of slack amounts
Computing the slack amount involves subtracting the approved expense amount from the expense category limit.
Only summarize expense reports with a submitted date in August 2022, and include a time specification to capture expense reports submitted on the last day of August 2022.
The computed columns should be renamed with meaningful names.
The result should be ordered by expense report number, and the cross product or join operator style should be used.
An SQL code that satisfies all the criteria above is given below:
SELECT Expense Report Number AS Expense_Report_Number,
COUNT(Expense Category) AS Expense_Items_Count,
AVG(Approved Amount) AS Average_Approved_Expense_Amount,
AVG((Limit - Approved Amount)) AS Average_Slack_Amount FROM Expense Report JOIN Expense Category ON Expense Report.
Expense Report Number = Expense Category.
Expense Report Number WHERE Submitted Date = '2022-08-31' GROUP BY Expense Report Number ORDER BY Expense Report Number;
Note that the code above uses the JOIN operator style.
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Please Help answer these questions.
- Organizations exist for a purpose. Identify and describe three factors that establish a purpose for an organization.
- What does organization structure do for an organization?
-Compare and contrast traditional/mechanistic and contemporary/organic organizational designs.
- Compare and contrast Porter's competitive strategies and Miles and Snow's typology.
- Compare and contrast functional, divisional, and horizontal structures in an organization.
Every organization has the purpose of meeting a gap in the market, establishing its mission and meeting the expectations of stakeholders, for this, its organizational structure must be aligned with its purpose.
What is organizational structure?It is the set of activities that coexist in a company so that its objectives are achieved. The structure corresponds to the organization of functions, departments, activities and responsibilities in an organization.
Therefore, you can do more research in books, articles, and authors such as Porter, Miles, and Snow on how structure helps work flow, organizational culture, and decision-making flexibility to understand how each organizational structure will impact business objectives.
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Which loan type am I? I have limits on the amount that you can borrow based on your year in college. The federal government makes the interest payments on me while you are in college, and you make the interest payments on me after you graduate.
FIN-FL-10-10.1: Which loan type am I? I have limits on the amount that you can borrow based on your year in college. The federal government makes the interest payments on me while you are in college, and you make the interest payments on me after you graduate.
Unsubsidized Federal Student Loan
Private Student Loan
Subsidized Federal Student Loan
Institutional Student Loan
Based on the characteristics, the type of loan described is the Subsidized Federal Student Loan.
What is a student loan?This is a type of loan provided by banks or other types of financial institutions that aims at covering tuition and other education-related expenses.
What are the types of student loans?Some of the types of student loans include:
Private student loans.Federal loans (classified into subsidized or unsubsidized).Institutional student loan.What is a subsidized federal student loan?This type of loan differs from other types because:
Students do not pay interests until they graduate, instead, the federal government pays these interests.The federal government regulates this type of loan, which includes regulating how much you can borrow.Learn more about loans in: https://brainly.com/question/11794123
Answer:
Subsidized Federal Student Loan
Explanation:
I just know
Which is NOT a fee you need to worry about with a checking account?
Answer:
It depends on the bank provider. All bank providers have different fee policies.
Explanation:
There is no specifc answer to this.
Which of the following is not included in the GDP?
a. Consumer spending
b. Exports
C. Nonmarket activity
d. Government spending
Answer:
C. Non-market activity
Explanation:
The GDP value represents the total of goods and services produced within the boundaries of a country. One method of calculating GDP is through the expenditure approach. the formula for this method is that GDP = C + G + I + NX where
C is the total of consumer spending.
G is the total value of the government's expenditure
I represent the summary of all investments.
NX is the net exports: total exports minus imports.
The GDP value does not include non-market activities.
How can you stop
yourself from interrupting others ( 3-5 sentences)
Explanation:
Non verbal cues are crucial in indicating that another person is metaphorically punctuating their sentences and waiting for a response. This may include their voice pitching down or a small shrug to indicate they are finished their point and you may talk. Additionally, before speaking, a small pause is beneficial in allowing buffer time for the other party to speak.
What is one way to reduce poor communication?
O know everything about your communication style
O Ignore communication styles altogether
O Learn to flex to other communication styles
O Learn to flex to one other communication style
Answer:
B.
Learn to flex to one other communication style
Explanation:
Trust
One way to reduce poor communication is to learn to flex to other communication styles. This involves adapting and adjusting your communication approach to better align with the preferences and needs of others, promoting better understanding and effective communication. Therefore, option C is correct.
Poor communication can be addressed by implementing several strategies.
First, active listening plays a vital role in effective communication. It involves giving full attention to the speaker, seeking clarification, and providing feedback to ensure mutual understanding. Second, clear and concise messaging is essential, avoiding jargon and using language appropriate for the audience. Additionally, promoting open and transparent communication channels, encouraging feedback and questions, and fostering a culture of respect and empathy can help overcome barriers and improve overall communication. Lastly, providing communication training and resources to individuals and teams can enhance their communication skills and promote effective interactions.Learn more about poor communication here:
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In the short run, a perfectly competitive firm should shut down whenever minimum average variable cost exceeds price minimum average variable cost exceeds price A minimum average total cost exceeds price minimum average total cost exceeds price B marginal revenue exceeds marginal cost marginal revenue exceeds marginal cost C marginal cost exceeds marginal revenue marginal cost exceeds marginal revenue D it is losing money
Answer:
A. minimum average variable cost exceeds price.
Explanation:
In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.
Hence, a perfectly competitive market is characterized by the following features;
1. Perfect information.
2. No barriers, it is typically free.
3. Equilibrium price and quantity.
4. Many buyers and sellers.
5. Homogeneous products.
Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market
In the short run, a perfectly competitive firm should shut down whenever minimum average variable cost exceeds price.
However, the firms always strive to maximize profits by increasing their level of output, such that P = MC. Also, the firms wouldn't be willing to leave or enter into the market because they are not making any profit, such that P=AC.
deliberate speed corporation (dsc) was incorporated as a private company. the company’s accounts included the following at june 30: accounts payable $ 27,800 buildings 156,000 cash 58,250 common stock 155,000 equipment 138,000 land 262,000 notes payable (long-term) 3,250 retained earnings 440,100 supplies 11,900 during the month of july, the company had the following activities: issued 5,500 shares of common stock for $550,000 cash. borrowed $135,000 cash from a local bank, payable in two years. bought a building for $233,000; paid $90,000 in cash and signed a three-year note for the balance. paid cash for equipment that cost $225,000. purchased supplies for $54,250 on account.
Deliberate Speed Corporation (DSC) had the following accounts on June 30: accounts payable $27,800, buildings $156,000, cash $58,250, common stock $155,000, equipment $138,000, land $262,000, notes payable (long-term) $3,250, retained earnings $440,100, and supplies $11,900.
During July, DSC engaged in the following activities, Issued 5,500 shares of common stock for $550,000 cash, increasing the common stock account. Borrowed $135,000 cash from a local bank, payable in two years, which increased the notes payable account. Bought a building for $233,000, paying $90,000 in cash and signing a three-year note for the remaining balance, which increased the building account.
Paid cash for equipment costing $225,000, which increased the equipment account. Purchased supplies for $54,250 on account, which increased the supplies account and created an accounts payable liability. In summary, DSC's accounts changed due to issuing stock, borrowing money, purchasing a building, buying equipment, and acquiring supplies. The specific changes in each account can be seen in the examples given.
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Whenever it is impossible to determine whether a change in principle or a change in estimate has occurred, the change should be considered a: change in accounting principle. correction of an error. change in estimate. counterbalancing error.
Whenever it is impossible to determine whether a change in principle or a change in estimate has occurred, the change should be considered a change in accounting principle.
A change in accounting principle refers to a change in the method or procedure used in the preparation of financial statements. It is important for a company to disclose any change in accounting principle and the impact it has on the financial statements in order to provide transparency and consistency to stakeholders.
A correction of an error refers to a correction made to previously issued financial statements due to a material error. A change in estimate, on the other hand, refers to a revision made to an estimate used in the preparation of financial statements due to new information or a change in circumstances.
A counterbalancing error refers to two errors that offset each other, resulting in no impact on the financial statements. In summary, if it is impossible to determine whether a change in principle or a change in estimate has occurred, the change should be considered a change in accounting principle.
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PLEASE HELP ASAP!!! I'll MARK BRAINLIEST!! FOR CAREER!!
1. Nara learned about prototyping, feedback, and testing as part of her biomedical engineer career. She is considering changing careers. Could she apply these concepts in a different career? Give one example of how Nara could use prototyping, feedback, and testing in a career.
2. Imagine you’re a human resources manager interviewing applicants for two jobs: IT security specialist and web developer. Could you hire one person to do both jobs? Why or why not? Describe the skills and personal qualities that candidates for each job should have.
3. If you work as a human resources manager, you’ll need a well-developed sense of empathy in order to succeed. How could you explain that part of your job to a new employee? Would empathy be important if you worked in a different career? Explain.
4. General contractors must make decisions based on ethics and safety. What other careers require people to follow safety regulations? Do the regulations protect the public, workers, companies, or a combination of these? How do the regulations compare to the safety guidelines you might follow in your everyday life, such as seat belt rules or lab rules in science class?
5. Helena is considering a new, full-time job at a construction company that’s part of a union. She’d make $20 per hour and earn a salary of about $40,000 per year. The union would charge her two and a half times her hourly wage. So her monthly union dues would be $50. What would her union dues be per year? Would it be worth it? Should she take the job? Explain why or why not.
Yes, Nara may use the ideas of testing, feedback, and prototyping in a different line of work.
What is prototyping?
Design teams experiment with, bring to life, and iterate on ideas through the process of prototyping, which can involve everything from digital designs to paper ideas. A prototype is fundamentally an early rendition of a design that enables users to engage with it or envision it before a finished product is created.
For instance, if Nara decided to pursue a career in software development, she might utilize prototyping to produce early iterations of the program and collect user input to enhance it. The program could then be tested to make sure it functions as intended and any problems could be fixed.
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A small island nation is endowed with indestructible coconut trees. These trees live forever and no new trees can be planted. Every year $1 million worth of coconuts fall off the trees and can be eaten locally or exported to other countries. In past years the island nation ran current account surpluses and capital and financial account deficits, acquiring foreign bonds. It now owns $500,000 of foreign bonds. The interest rate on these bonds is 5% per year. The residents of the island nation consume $1, 025,000 per year. What are the values of investment, national saving, the current account balance, the capital and financial account balance, net exports, GDP, and GNP in this country?
A small island nation is endowed with indestructible coconut trees. These trees live forever and no new Financial account trees can be planted. It now owns $500,000 of foreign bonds. The interest rate on these bonds is 5% per year.
A country's financial account showing a deficit indicates that the country's economic balance shows more debts and expenses than credits and assets. In other words, there are more negative accounts than there is money in the country's economic balance. It now owns $500,000 of foreign bonds. The interest rate on these bonds is 5% per year to attain a financial surplus or at the very least to balance the balance of income and expenses, the nation must therefore produce foreign exchange income. One strategy to create this scenario is to draw in foreign investments, which are attracted by high interest rates because they would result in bigger returns for international investors.
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If Treasury bills are currently paying 5.2 percent and the inflation rate is 2.7 percent, what is the approximate real rate of interest?
Answer:
2.43 %
Explanation :
Real Interest rate = (1 + nominal rate) / (1 + inflation rate) - 1
therefore,
Real Interest rate = 1.052 / 1.027 - 1
= 2.43 %
the approximate real rate of interest is 2.43 %
venta al contado de mercancia por $2.300.000=; iva: 19%: cual de las siguientes cuentas no corresponde
a. de mercancia
b. comercio al por mayor y por menor
c. iva
d. caja
Answer:
La cuenta que no corresponde al registro contable planteado es la B, comercio al por mayor y por menor.
Esto es así porque, al realizarse una venta al contado de mercancía por $2.300.000, con un IVA adicional del 19%, se están entregando mercancías, con lo cual se registra dicha salida de productos en el debe (opción A), ingresa un dinero correspondiente a IVA (opción C), y a su vez ingresa un monto de dinero que engrosará la caja del comercio, registrándose en el haber (opción D).
Given that number of daily purchases and if your average round-up was $0.50, how much would you end up investing...
Per day
Per month
Per year
Amount Invested per Day = (Number of Daily Purchases x $0.50)
Amount Invested per Month = (Number of Daily Purchases x $0.50) x 30
Amount Invested per Year = (Number of Daily Purchases x $0.50) x 365
What is an Investment?An investment is known an asset or item acquired with the goal of generating income or appreciation. Investments are generally made to earn a return on the money or asset, increase one's wealth, or to generate a profit.
In order to calculate the amount invested per day, month and year when an average round-up of $0.50 is applied to the number of daily purchases, the following formula can be used:
Amount Invested/Day = (Number of Daily Purchases x $0.50)
Amount Invested/Month = (Number of Daily Purchases x $0.50) x 30
Amount Invested/Year = (Number of Daily Purchases x $0.50) x 365
For example, if one made 10 daily purchases, the amount invested would be calculated as follows:
Amount Invested/Day = (10 x $0.50) = $5
Amount Invested/Month = (10 x $0.50) x 30 = $150
Amount Invested /Year = (10 x $0.50) x 365 = $1,825
This formula can be used to calculate the amount invested for any given number of daily purchases and an average round-up of $0.50.
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_____ refers to raw materials, work-in-process, or finished goods that are maintained to support production or satisfy customer demand.
Answer:
inventory
Explanation:
inventory refers to raw materials, work-in-process, or finished goods that are maintained to support production or satisfy customer demand.
what is the meaning of market variable in maketing
Answer:
market is for people low budget and the markering is people qho want earn money in online
HELP PLEASE DUE IN 30 MIN ASAP I will give Brainliest...Think of examples of new words that have been made up in your lifetime. Think of words whose meanings have changed over time. Why do we change the meanings of words? Who benefits? Who loses? Offer a Biblical perspective on choosing our words and how our words impact others.
Hi! I'm not really sure what "have been made up in your lifetime" mean, so I'm just gonna assume that it means words that have been created in your generation
Examples of new words: Meme, jegging
Examples of words with changed meanings: Silly (original meaning: blessed with worthiness), leech (original meaning: doctor)
The meaning of the words change over time because new generations lead to new ideas
Who benefits: The newer generations because they can communicate easily with newly made slangs, etc.
Who loses: The older generations because they have would then have absolutely no idea what the newer generations are talking about
(Example: Person 1: Woah that skateboard is sick!
The guy from the 1700s: No it's not. It's a skateboard, are you mental?)
and i'm not sure about the biblical perspective, sorry about that
anyways, hope this helped !
Write an article to the commerce magazine of your school on "The importance of studying business environment."
please help me with this asap
i will mark the brainliest to the first answer
Explanation:
Importance of the Study of Business Environment:
A study of business environment is highly significant for business management for the following reasons:
(i) To Ensure Smooth Functioning of Business Cycle:
Smooth functioning of business cycle depends on availability of inputs and disposal of output.
Business enterprises obtain inputs like raw-materials, machines, technology, manpower etc. from the society (which is part of business environment); and dispose of output i.e. finished goods to society.
Hence, business managements must study business environmental factors so as to be aware of changes in input supplies, changes in social factors like consumer behaviour, state of competition in industry etc. to ensure smooth functioning of their business cycles.
A study of business environment is essential to take full advantage of opportunities for gain hidden in the business environment.
PLEASE MARK ME A BRAINLIST AND ❤
Recall the four reasons some people favor trade restrictions. Give an example from the U.S. economy that you think best fits each reasons
Answer: See explanation
Explanation:
Trade restrictions simply means a way of protecting the local industries. This can be through imposition of tariffs on foreign goods, use of quota etc. The importance of trade restrictions are:
1. Trade restrictions are important in the protection of the infant indutries, that is, the young industries in a country that are just growing.
2. Trade restrictions is necessary to prevent dumping of goods. This mean selling of goods at lower prices or of low quality in a country. This gives such products an unfair advantage over other goods produced in the home country.
3. Trade restrictions is vital on order to protect the strategic indutries.
4. Trade restrictions is also vital in order to protect the jobs of the people in the country. When goods are imported rather than supporting local businesses, this can lead to unemployment as workers will lose their jobs.
Olson Corporation has come up with an idea for a product that it believes will give it a competitive edge in the market place. Olson wants to make sure that the product is not copied so that it can maximize its economic potential for as long as possible. Olson is considering keeping the technological aspect of the product (which makes it unique and valuable) protected by maintaining it as a trade secret or by patenting the technology. With regard to the advantages and disadvantages of each approach, which of the following statements is correct?
O A. Either approach would permit Olson to protect the technology for an unlimited period of time.
O B. Under either approach Olson must take reasonable steps to maintain the secrecy of certain aspects of the product in order to obtain legal protection.
O C. The standards and procedure for protecting the technology under the law of trade secrets or under patent law are essentially the same.
O D. Under either approach of protecting the technology, a competitor who five years later independently discovers the technology will be entitled to use it and Olson will not have any legal rights to stop such use.
O E. None of the alternative answers is correct
With regard to the advantages and disadvantages of either approach, Olson must take reasonable steps to maintain the secrecy of certain aspects of the product in order to obtain legal protection. (option b)
This statement is correct because both trade secrets and patents require the owner to take reasonable measures to maintain the confidentiality of the protected information. For trade secrets, the information must be kept confidential through reasonable efforts to retain its secrecy. For patents, the disclosure of the invention in a patent application is required, but exclusive rights are granted in exchange for making the information publicly available.
The other statements are incorrect because:
A. Neither trade secrets nor patents provide unlimited protection. Trade secrets can be protected as long as the information remains secret, while patents have a limited duration.
C. The standards and procedures for protecting trade secrets and patents are different. Trade secrets rely on maintaining secrecy, while patents require disclosure and meeting specific criteria for patentability.
D. Under trade secrets or patent protection, if a competitor independently discovers the technology, Olson would still have legal rights to stop its use, as long as the technology was protected properly.
E. Since statement B is correct, there is at least one correct answer among the alternatives.
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